Thursday, 10 November 2011
There’s not such thing as ‘too much Lic Life insurance’. A Lic Life insurance policy would do a family a great deal of good if the insured breadwinner of the family passes away. The whole point of an insurance policy is to allow the surviving members of a family to continue to maintain the same level of lifestyle being followed when the insured was alive.
Lic Life insurance may be taken on by people by people for different reasons. Some of the most common reasons would be to pay off debt, insure the future of a new born child, pay off mortgage on a house etc. Opting for Lic Life insurance policies come with its own set of benefits too.
Before you discharge the idea or scuttle to buy an insurance policy, it is important to stop and answer a couple of points.
Idea for you to get life insurance from LIC IndiaWhat are you getting a life insurance for? Of course protection of life is an obvious answer, but do you have large payments like paying an installment for a house, and are worried about how your family members would continue paying off the installments if something happens to you? Or are you buying a life insurance to ensure that your new born baby has a good future college education? The reason for you purchasing a life insurance may not be either of the two listed here, but by just answering the first question you would most probably get a good idea of the kind of life insurance policy would best suit your need. Incase of a temporary need, consider a term insurance as an option. But in case you do not have a definable period of time until when you need the coverage, you could consider opting for a permanent insurance policy.
Decide the coverage levelA good theory to go by is “The more, the better”, but only if you don’t mind shelling out extra money on premium. You could actually estimate the amount of insurance you need. For example if you’re investing in an insurance to cover a debt, knowing how much debt you owe is a good start. In case you’re choosing an insurance policy to ensure a good financial future for your children, you could approximate the insurance coverage vale by multiplying your current income with the number of years left for your children to become financially independent. The main idea that most people use as a rule while selecting Lic insurance types is that at any given point of time if the bread-winner of the family dies, the Lic insurance policy amount recovered must be enough to let the family members maintain the same if not better lifestyle.
Estimate the coverage periodAfter you’ve answered why you need an insurance policy and the coverage level it would be relatively simpler to estimate the coverage period. If you are taking Lic insurance for covering the payment of a Home loan installment, you might need term insurance of 25 years, depending how long you think it will take to pay off the mortgage considering your current income level. On the other hand if want to secure your child’s future, then considering 20 years or 25 years as benchmark with consideration to their current age could be the estimated coverage period you need for your insurance.
Finally your budgetYou need to realize that paying the premium for a Lic life insurance policy is a long term commitment and is just like saving your money for rainy day. Weigh out your insurance options with your monthly cash inflow and find a medium point that will allow you to pay off the premium amounts AND see you comfortably through a month until your next pay check is due. Insurance companies usually determine the premium level of a policy by considering the age, gender, heath condition, death benefit amount and the type of insurance policies opted for by the applicant.Go through these few points until you’re absolutely sure that you have concrete answers for each. Sit down and discuss your opting with your family members too if need be. Opting for an insurance policy is a long term commitment which you need to abide by successfully.
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Naresh Gandhi Life Insurance Corporation of India’s (LIC of India) authorized Agent advisor serving in Mumbai (Maharashtra). Naresh Gandhi here to help you to choose the right LIC policy as per your needs. Naresh Gandhi provide more details on LIC’s various Investment plans. This way you can save your valuable time and hard earned money. Naresh Gandhi help you by suggesting a best option of LIC policy which fulfill your Dreams .
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